There’s recently been some discussion on TameBay as to whether merchants should offer PayPal on their websites. The main choices available to online retailers are: Credit/Debit card through a merchant account, PayPal, Nochex and Google Checkout.
Today a new Ipsos Public Affairs poll conducted on behalf of PayPal was released with some interesting stats:
- Among online merchants who are able to track their sales say sales have increased an average of 18% since adding PayPal’s Express Checkout service.
- Eight in ten (83%) merchants have noticed a bump in sales, while just 17% say they haven’t noticed an increase.
- Since offering PayPal, merchants claim that 22% of their total revenue comes from PayPal’s Express Checkout.
- 25% of revenue coming from new customers is channeled through PayPal’s Express Checkout.
- Merchants perceive that their clients appreciate the option of paying with PayPal, with almost nine in ten (86%) merchants believing that their buyers “appreciate” the option.
The poll was carried out in the US with 805 PayPal merchants surveyed. Whilst there may be a slight bias in that it only included merchants already offering PayPal the results are still significant.
The best advice when deciding which payment methods to accept is, as ever, to offer a choice which is why companies such as Domino’s Pizza are starting to accept PayPal. What suits one customer won’t necessarily suit another and definitely offering PayPal without an option to pay by credit/debit card wouldn’t make sense.
PayPal might not be your first choice for accepting payments, but if it will potentially account for up to a quarter of your total payments it’s become too entrenched as a choice for buyers not to offer it.